Bank of America Raises Avnet (NASDAQ:AVT) Price Target to $50.00

Key Points

• Bank of America has raised the price target for Avnet (NASDAQ:AVT) from $48.00 to $50.00, maintaining an "underperform" rating that suggests a potential downside of 4.39% from the current stock price.
• Other analysts have mixed views, with Wells Fargo lowering their target to $43.00, while Truist Financial increased theirs to $54.00 and rated the stock as "hold."
• Avnet's stock gained 0.6% on Monday, reaching $52.30, and the company reported a quarterly EPS of $0.81, exceeding expectations and indicating revenue growth of 1% year-over-year.

Avnet (NASDAQ:AVT - Get Free Report) had its target price raised by analysts at Bank of America from $48.00 to $50.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "underperform" rating on the stock. Bank of America's price objective points to a potential downside of 4.39% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company reduced their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Truist Financial boosted their target price on shares of Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday.

Avnet Stock Up 0.6%

NASDAQ:AVT traded up $0.33 during trading hours on Monday, hitting $52.30. 246,777 shares of the stock traded hands, compared to its average volume of 834,779. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 1.22 and a beta of 1.06. Avnet has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average price of $53.14 and a 200 day moving average price of $50.65.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. The business had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm's revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 EPS. Equities research analysts anticipate that Avnet will post 3.41 earnings per share for the current year.

Insider Activity at Avnet

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the sale, the vice president directly owned 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Avnet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Quantitative Investments LLC bought a new stake in shares of Avnet during the second quarter worth approximately $371,000. SG Capital Management LLC bought a new position in Avnet in the 2nd quarter worth approximately $16,941,000. Creative Planning lifted its holdings in shares of Avnet by 72.7% during the 2nd quarter. Creative Planning now owns 46,786 shares of the company's stock worth $2,483,000 after acquiring an additional 19,696 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Avnet by 4.2% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,545 shares of the company's stock worth $1,144,000 after purchasing an additional 867 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey increased its holdings in Avnet by 3.8% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 32,504 shares of the company's stock valued at $1,725,000 after purchasing an additional 1,203 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.

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